Companies in the news

Phillips, ExxonMobil, BP Amoco and ARCO agreed to resolve differences regarding ownership and operation of Alaska’s Prudhoe Bay Unit (PBU) and the Point Thomson Unit (PTU). New PBU operator will be BP Amoco with its 26.7%. ExxonMobil will have 36.8% and Phillips will hold 36.5%.

MSC Metsa Specialty Chemicals OY changed its name to Noviant OY.

Tema Oil & Gas Co. and Gateway Gathering and Marketing Co. completed the acquisition of producing properties and associated gathering assets in West Texas valued at $21 million.

Varco International and Tuboscope Inc. merged the two companies as a merger-of-equals and named the new firm Varco International, Inc. It will be owned equally by the current shareholders of each company.

Belco Oil & Gas Corp. purchased $65.8 million of oil and gas properties in Lodgepole field, North Dakota, and gas properties in Elm Grove field, Louisiana. Estimated acquired reserves are 4.8 million bbl oil and 52.5 Bcf gas.

Output climbed to 292 bpd and 350 Mcfgd in Panaco Inc.’s Musser Davis-1 due to a successful sand frac.

Venus Exploration will develop Constitution field, about 15 mi west of Vidor-Ames field, in Jefferson County, Texas.

Schlumberger Oilfield Services completed the largest, nonexclusive multicomponent (4C) seismic survey ever acquired in the North Sea covering the UK’s Chestnut field in Blocks 22/1 and 22/2.

Peregrine Oil and Aegis Energy agreed to merge the two companies, creating Surge Petroleum Inc.

Talisman and Purcell Energy will jointly explore the Fort Liard region in Canada’s southwestern Northwest Territories and southeastern Yukon Territory.

Danoil Energy added a new core area with the completion of its acquisition of 16,825 undeveloped net acres with current production of 1.2 MMcfgd and 23 bpd of liquids.

Duke Energy increased its ownership of Canadian 88 to 19.6%.

Energy North Inc. agreed to acquire additional production, associated processing facilities and undeveloped land in its Eastern Alberta project area. Acquired assets include 100% working interest and operatorship of 500 bopd produced through three separate oil batteries, 340 Mcfgd, four shut-in gas wells, 27 sections of developed and undeveloped land and 150 mi of 2-D seismic.

Ionic Energy Inc. acquired all the outstanding shares of Tempest Resources Ltd., adding a new core operating area producing 425 boepd of light oil, plus strategic undeveloped land.

Anderson Exploration agreed to make an offer of $13.10/share of all issued and outstanding shares of Ulster Petroleums. Both boards offered unanimous consent to the agreement.

Vintage Petroleum drilled and cased the An Naeem 1 in Yemen’s Block S-1 as a potential Alif zone oil well. It was drilled to a TD of 5,288 ft to evaluate an extension of the Halewah field.

Q Energy and partners’ plans call for up to 31 development gas wells to be drilled in Burstall, Saskatchewan. First production is slated for mid-September.

BXL Energy completed a property acquisition in the Gift / Little Horse area, including working interests in 11 producing oil wells and 22,800 acres of undeveloped Crown mineral rights. The acquisition also adds BXL access to over 100 sq mi of 3-D seismic.

MDU Resources group acquired Preston, Reynolds & Co.

Torch and Sonsub, Inc., signed an agreement to provide each other with access to ROVs, vessels and diving support on a project-by-project basis. Sonsub has installed a high-end, work class ROV on Torch’s new DP vessel Midnight Arrow.

Conoco and Saudi Arabian officials are discussing the possibilities of Conoco becoming a major investor in Saudi Arabia’s natural gas sector.

GRI and the Institute of Gas Technology have agreed to merge the two organizations.

Balmoral Group opened its hydrostatic test center at its base in Houston, Texas.

CMS Oil & Gas Corp. closed the sale of all of its Michigan E&P properties, including the stock of Terra Energy Ltd., to Quicksilver Resources, Inc.